HONOLULU (AP) -- Bank of Hawaii's fourth-quarter net income fell 3 percent as it made less money from charges, loans and deposits, yet it still topped most Wall Street expectations.
The state's second-biggest bank said Monday that Hawaii's economy is getting better, as visitor arrivals and spending climb.
Bank of Hawaii earned $39.2 million, or 85 cents per share, for the three months ended Dec. 31. That compares with earnings of $40.6 million, or 84 cents per share, a year ago.
Analysts surveyed by FactSet expected earnings of 82 cents per share.
Net interest income, or income from loans and deposits, dipped to $96.2 million from $96.3 million.
Provision for credit losses dropped to $2.2 million from $5.3 million.
Noninterest income, or income from charges and fees, declined to $43.4 million from $51.5 million.
For the year, net income dropped to $160 million, or $3.39 per share, from $183.9 million, or $3.80 per share, in the previous year.
Net interest income slipped to $390.2 million from $406.5 million, while noninterest income fell to $197.7 million from $255.3 million.
Bank of Hawaii said visitor arrivals rose 3.4 percent during the first 11 months of last year, while total spending climbed 15.1 percent thanks mostly to the spending of visitors from the Asia-Pacific region, Canada, Australia, and New Zealand.
In addition, the bank declared a quarterly dividend of 45 cents per share. The dividend will be paid on March 14 to shareholders of record on Feb. 29.
There are no comments yet